River Rock Casino has stopped reporting its quarterly revenues and other business data to federal securities regulators, after restructuring $200 million in debt late last year.
Executives at the tribal casino said the move will have no impact on investors or the public.
“Nothing really changes in terms of what we do,” said David Fendrick, River Rock’s CEO. OP: Except that we won't KNOW, and they can keep that information from their investors.
But the change could make it harder for River Rock to raise money for expansion, according to investment experts. OP: Hey, please invest with us, don't worry, trust us, even though we defaulted, we'll let you know how we're doing
The Press Democrat has the FULL STORY HERE
The Alexander Valley casino is owned by the Dry Creek tribe of Pomo Indians. It reported $124 million in sales in 2010, the last full year that results were publicly available.
The tribal casino’s decision to stop disclosure is a concern for Sonoma County government, which gets $3.5 million a year in mitigation payments from River Rock.
“This is going to mean that the tribe and the county are going to need to work more closely together to make sure commitments are met going forward,” said county Supervisor Mike McGuire, who represents Alexander Valley.
River Rock is no longer reporting financial data under the Sarbanes-Oxley Act, a 2002 federal law that requires public companies to provide detailed disclosure of their finances to the U.S. Securities and Exchange Commission.
The casino isn’t covered by the law, but it voluntarily complied after selling $200 million in casino bonds to investors in 2003, said Joe Callahan, River Rock’s chief financial officer. River Rock’s tribal owners felt public reporting would help create a stronger market for its bonds, Callahan said.
7 comments:
So, does this mean that their "Internal Financial Structure" can only be "Visable" to "Themselves Only?"
Question: Why would they "Decide" to stop reporting this information to the S&E commission? And their "Reasoning Is?" Is there something they don't want the "Commission" to see?" And why would this make a stronger "Market" for its "Bonds?" If the "Bond Holder" has no way of knowing what he is "Buying," except for what they "Imply" as to the worthyness of that "Bond." They say nothing will change, but I guess that is to be seen, or should I say "Not to be seen!" How will this effect their "Investors?"
Will this start a "Chain Reaction with other "Tribes?"
You know that with other "Tribes" (Pechanga, and the like) having a large "Corrupt and Criminal Base" within their "Major Operations,"..."Greed, Self Interest," and the $$$$ that they can "Illegally Steal" from their own "Memberships," says something here: "What is their "Intention" with this not reporting to the S&E Commission? Could they be carrying two sets of "Books?" It's not "Unheard" of. If its been working up to now, "WHY CHANGE HORSES IN THE MIDDLE OF THE RIVER?"...."Eagle Eyes."
I can see the direction the Chukchansi are heading with restructure going on in our tribe. The books for "Chukchansi Inc." (a company owned by all membership)has been closed to us ever since the corrupt council has taken their seats.Chukchansi leadership loves to hide the truth and they will do the same thing the Pomo's have done.
nickey said...
I can see the direction the Chukchansi are heading with restructure going on in our tribe. The books for "Chukchansi Inc." (a company owned by all membership)has been closed to us ever since the corrupt council has taken their seats.Chukchansi leadership loves to hide the truth and they will do the same thing the Pomo's have done.
Question: "Are you still enrolled as a member in "Good Standing?" If that could ever be true with the "Amount" of "Corruption and Criminal Activities" that exists within the "Chukchansi Indian Nation!"..."Utter Kay-aus!" How is it that all of you allow this "Criminal(Lewis)" to destroy you from within? Are you that afraid of the "Big Bad Wolf?" You had a chance to rid yourselves of this "Criminal" when you elected "Morris Reid," so what is the reason that you allowed this "Vile Creature" to remain in "Power?" Just because he refuses to leave doesn't mean "Jack,"..."Make Him!" He lost the first "Election" and that "Should Be" the one that counts. Why in the "Hell" would you allow "Him(Lewis)," to have another "Illegally Bought" election because he didn't like the "Outcome?" Just because the B.I.A won't act responsibly doesn't mean the your "Membership" can't! As a "Tribe" you can refuse to accept this second election, and through out this "Vile Criminal(Lewis)" for the good of your "Membership." You can't see the "Grief and Heartache" that is happening, and it will only get worse if you don't act to remove this "Criminal? "You have the "Power" to "Remove Him(Lewis), before he starts removing more of you from the "Tribe," and you know he will. Are all of you going to just sit back and let it happen because you are afaid he will remove you? Well it has aready happened, and you "Can't" see the "Writing on the Walls?" He(Lewis) doesn't have to have a reason, he will make it up as "He Goes." You had better take "Action Now," or it will be to late and you will have to "Live with the Consequences." You "Mark my words!"....."Eagle Eyes."
I am still enrolled smokeybear. And I work everyday to try and stop our corrupt council. I'm a tribal member who has her whole family involved. My family with help of others made sure that the rightful council took the oath Dec 26th. My family and I were the backbone behind the occupy movement. My family and others took bear spray and the building being set on fire. I did the first interview with the newspaper (which the writer won an award for)You talk about the power to remove him...it is so hard without committing a violent act. We are being held back by the threats of sheriffs arresting us for occupying and trying to vote.If we resisted.. they had guns and threatened to shoot us (real bullets). All my family have been fired from their jobs at the casino and the tribal office. We all have gotten suspension letters. I was going to be arrested for attending my suspension hearing so...I could not even have a hearing. If you, smokeybear, have any plan or idea that can help us do a takeover we are open to all ideas and your looking at a group of people who's willing to go all the way. We are also dealing with 50 armed security guards contracted by Madera county. You asked if I'm afraid. I'm not, so I do fight. But tribal members, who WILL NOT stand with my radical ass, are EXTREMELY afraid or they believe that if they kiss enough butt (Reggie) that will save their enrollment. And your also telling me things in your comment I already know. So tell me what I don't know... how do we takeover without my family and friend being taken away in body bags? NO RUDENESS INTENDED.
I take it your a "Lady?" Your are strong like my wife of 44 years is. If we get "Into It" with the "Marcarro Cartel" at "Pechanga," and it is surely coming, she will be right there by my side, with me.
I understand that this "Vile Creature"(Lewis) is pulling out all the "Stops" to ensure no one will "Oppose Him." He has no "Qualms" about "Insighting Violence" if it gets him what he wants. He has already "Proved" that. Your "Tribe" is in "Utter Chaos" with this "Criminal(Lewis) holding your "Membership Hostage."
So you have got to know that as long as he "Reins," so to speak, to remove him will be "Difficult, at best." Now I'm not telling you
anything that you don't already know, but its not "Impossible!" Its not going to be easy, because he (Lewis), is that "Venomous Cancer" that has infected your "Membership" and will have to be cut out or the "Host (Your Tribe)" will die. I guess it all depends on how much, you and yours, are willing to endure in your quest for justice. There are "Possibilties," but that "Vile Creature(Lewis)" is not above using "Violence." That could be, possibly, cancelled out with the "Media" present. Let me delve into the "Possibilites" and I will get back to you. This may need to be "Discussed" by e-mail. When the time is right I'll post my e-mail address. Will that work?" "Eagle Eyes."
I am so grateful that you are able to see into the Chukchansi crisis so well. I welcome your insight. I know the removal of Reggie Lewis and the other corrupt leaders is not impossible. We intend to fight the good fight 'til the bloody end. I know we (NDNs) stand on our own that day and my heart is prepared for what will come. I am willing to hear your opinions and any suggestions. Thanks for your concerns and help.
nicey...
Yours is the first encounter with a "Corrupt and Criminal Tribal" leader that "Refuses" to accept a legal election result in which he loses, and the "Government(Indian Affairs) refuses to act "Responsibly" and stop all this "Foolishness." So, in essence, this will happen again in other "Tribes" that realize that they can get away with similar actions because no on stopped "Lewis!" This is "Dangerous Ground" being exibited without "Intervention." If "Lewis" is left to his own devises, the "Distruction" of the "Chuckcansi Nation" is "Eminant!" I really can't understand why the B.I.A won't step in, knowing full well this could be a "Stone rolling down a hill and the "Momentum" will be "Unstoppable" if not acted upon. This can not be "Understated," for all of "Indian Country" is watching to see how this will be handled. If "Lewis" isn't stopped "NOW," the "Erosion" of "Indian Country" is at hand. "Mark My Words!"...Eagle Eyes."
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